Enjoying the High Wire -- and the Safety Net

Top 100 Women Financial Advisors: The stock market set new record highs in recent weeks. Covered call options can protect against a tumble.

Steep market gains in 2013 have given money managers ample reason to celebrate, but worrying how long it will last has put investors on edge. Last Wednesday's 217-point plunge was just the latest sign. Many shareholders want to protect their gains without beating a hasty retreat to cash or bonds. Covered call options, also known as buy-write options, can furnish a welcome alternative.

Most of today's investment selections have unwanted side effects. Selling shares to lock in gains would impose significant 2013 tax...